Cizzle Biotechnology Holdings PLC on Friday said that it has postponed a meeting to approve the sale of shares in one of its assets, and so the option has been extended to October.
In August, the London-based diagnostics developer announced a put option to sell its 5% economic interest and royalty sharing agreement in the AZD1656 asset to Conduit Pharmaceuticals for £3.3 million, to be satisfied through the issuance of new shares in Conduit and its prospective parent Murphy Canyon Acquisition Corp.
Conduit is an autoimmune-disease focused clinical-stage specialty biopharmaceutical company.
Covid therapy AZD1656 was originally developed by AstraZeneca PLC. In August 2019, clinical trials-focused charity St George Street Capital Ltd acquired the right to develop and commercialise two assets from a major global pharmaceutical company, one of which includes the licence to a drug that could be beneficial to diabetic patients suffering with Covid-19.
A meeting was planned by Murphy for September 7 to provide their approval for the transaction. The meeting has now been postponed, and will be held on September 20. As a consequence, the option has been extended until October 25.
Should Cizzle exercise the option and the Conduit-Murphy Transaction complete, the company will hold shares in the Conduit-Murphy merged business, thereafter to be called Conduit, which will become a publicly traded company on NASDAQ in the US.
Cizzle Biotechnology shares were trading 2.1% lower at 1.91 pence each in London on Friday afternoon.
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